2025 | 2024 | ||||||
| Before | Acquisition- | After | Before | Acquisition- | After | ||
| acquisition- | related | acquisition- | acquisition- | related | acquisition- | ||
| related | costs | related | related | costs | related | ||
| costs | (note 5) | costs | costs | (note 5) | costs | ||
| Note(s) | £m | £m | £m | £m | £m | £m | |
Revenue | 3, 4 | ||||||
Cost of sales | 3 | ( | ( | ( | ( | ||
Trading profit | |||||||
Administrative expenses | ( | ( | ( | ( | ( | ( | |
Operating profit | 3, 4 | ( | ( | ||||
Finance income | 3 | ||||||
Finance costs | 3 | ( | ( | ( | ( | ( | |
Other finance income – pensions | 3 | ||||||
Profit before taxation | ( | ( | |||||
Taxation | 6 | ( | ( | ( | ( | ||
Profit for the year | ( | ( | |||||
| Attributable to: | |||||||
Equity holders of the Parent Company | ( | ( | |||||
Non-controlling interests | |||||||
Profit for the year | ( | ( | |||||
| Earnings per share | |||||||
Basic | 7 | ||||||
Diluted | 7 |
| 2025 | 2024 | ||
| Note(s) | £m | £m | |
Profit for the year | |||
| Other comprehensive income/(loss): | |||
| Items that will not be reclassified to profit or loss: | |||
Actuarial gain/(loss) on employee benefit schemes – net of tax | 23 | ( | |
| Items that may be reclassified subsequently to profit or loss: | |||
Foreign exchange differences on retranslation of foreign operations | ( | ( | |
Foreign currency hedges recycled to profit or loss – net of tax | 25 | ( | |
Foreign currency hedge revaluations – net of tax | 25 | ( | |
Other comprehensive income/(loss) | ( | ||
Total comprehensive income for the year | |||
| Attributable to: | |||
Equity holders of the Parent Company | |||
Non-controlling interests | |||
Total comprehensive income for the year |
| 2025 | 2024 | ||
| Note(s) | £m | £m | |
| Non-current assets | |||
Property, plant and equipment | 9 | ||
Investment properties | 10 | ||
Right-of-use assets | 11 | ||
Intangible assets | 12 | ||
Trade and other receivables | 14 | ||
Investments | 15 | ||
Investments in associates and joint ventures | 16 | ||
Employee benefits | 23 | ||
Deferred tax assets | 6 | ||
| Current assets | |||
Inventories | 17 | ||
Trade and other receivables | 14 | ||
Income tax receivable | |||
Investments | 15 | ||
Cash and cash equivalents | 18 | ||
| Current liabilities | |||
Trade and other payables | 19 | ( | ( |
Lease liabilities | 20 | ( | ( |
Income tax payable | ( | ( | |
Provisions | 21 | ( | ( |
( | ( | ||
Net current assets | |||
| Non-current liabilities | |||
Trade and other payables | 19 | ( | ( |
Lease liabilities | 20 | ( | ( |
Provisions | 21 | ( | ( |
Employee benefits | 23 | ( | |
Deferred tax liabilities | 6 | ( | ( |
( | ( | ||
Net assets | |||
| Capital and reserves | |||
Share capital | 24 | ||
Other reserves | 25 | ||
Retained earnings | |||
Equity attributable to shareholders of the Parent Company | |||
Non-controlling interests | |||
Total equity |
| Attributable to equity holders | |||||||
| of the Parent Company | Non- | ||||||
| Share | Other | Retained | controlling | ||||
| capital | reserves | earnings | Total | interests | Total equity | ||
| Note(s) | £m | £m | £m | £m | £m | £m | |
Balance at | |||||||
Profit for the year | |||||||
Other comprehensive income | |||||||
Total comprehensive income for the year | |||||||
| Transactions with owners: | |||||||
Share issues | 24, 25 | ||||||
Employee share schemes | 25 | ( | ( | ( | ( | ||
Dividends paid | 8 | ( | ( | ( | ( | ||
Acquisition of non–controlling interests | ( | ( | ( | ( | |||
Total transactions with owners | ( | ( | ( | ( | ( | ||
Balance at |
| Attributable to equity holders | |||||||
| of the Parent Company | Non- | ||||||
| Share | Other | Retained | controlling | ||||
| capital | reserves | earnings | Total | interests | Total equity | ||
| Note(s) | £m | £m | £m | £m | £m | £m | |
Balance at 1 January 2024 | |||||||
Profit for the year | |||||||
Other comprehensive loss | ( | ( | ( | ( | ( | ||
Total comprehensive (loss)/income for the year | ( | ||||||
| Transactions with owners: | |||||||
Share issues | 24, 25 | ||||||
Employee share schemes | 25 | ( | ( | ( | ( | ||
Tax on other employee benefits | 6 | ||||||
Dividends paid | 8 | ( | ( | ( | ( | ||
Other movements | |||||||
Total transactions with owners | ( | ( | ( | ( | |||
Balance at 31 December 2024 |
| 2025 | 2024 | ||
| Note(s) | £m | £m | |
| Cash flows from operating activities | |||
Profit before taxation | |||
| Adjustments for: | |||
Foreign exchange differences | 3 | ( | |
Depreciation | 3, 9, 10, 11 | ||
Share-based payment expense | 22 | ||
Gain on sale of property, plant and equipment | ( | ( | |
Gain on sale of investments | ( | ||
Share of losses of associates and joint ventures | |||
Amortisation of intangibles | 3, 12 | ||
| Difference between pension contributions paid | |||
and amount recognised intheincome statement | |||
Finance income | 3 | ( | ( |
Finance costs | 3 | ||
Other finance income – pensions | 3 | ( | ( |
Increase in inventories | 17 | ( | ( |
(Increase)/decrease in trade and other receivables | ( | ||
(Decrease)/increase in bonus accrual | ( | ||
Increase/(decrease) in trade and other payables | ( | ||
Increase in provisions | |||
Cash generated from operations | |||
Income tax paid | ( | ( | |
Net cash flow from operating activities | |||
| Cash flows from investing activities | |||
Interest received | |||
Purchase of property, plant and equipment | 9 | ( | ( |
Purchase of intangible assets | 12 | ( | ( |
Purchase of investments | ( | ( | |
Proceeds from sale of investments | |||
Proceeds from sale of property, plant and equipment | |||
Transfer to current investments (cash on deposit and government bonds) | 15 | ( | ( |
Investments in associates and joint ventures | ( | ||
Acquisition of subsidiaries, net of cash acquired | 12 | ( | ( |
Dividends received from investments | 3 | ||
Net cash flow from investing activities | ( | ( | |
| Cash flows from financing activities | |||
Interest paid and other charges | ( | ( | |
Dividends paid | 8 | ( | ( |
Dividends paid to non-controlling interests | ( | ( | |
Principal elements of lease payments | ( | ( | |
Proceeds from shares issued | |||
(Acquisition of)/contributions from non-controlling interests | ( | ||
ESOP shares acquired | ( | ( | |
Net cash flow from financing activities | ( | ( | |
Net (decrease)/increase in cash and cash equivalents | ( | ||
Cash and cash equivalents at 1 January | |||
Net foreign exchange differences | ( | ||
Cash and cash equivalents at 31 December | 18 |
Freehold and long leasehold properties | 10 to 60 years |
Leasehold improvements | Over the period of the lease |
Office furniture and equipment | 2 to 10 years |
Motor vehicles | 4 to 5 years |
Trade name and non-contractual commercial relationships | Up to 15 years |
Forward order book on acquisition | Up to 5 years |
Development costs | Up to 5 years |
| 2025 | 2024 | |
| £m | £m | |
| Revenue | ||
Revenue from contracts with customers | 630.8 | 661.2 |
Revenue from other sources: rental income | 0.6 | 0.2 |
631.4 | 661.4 |
| 2025 | 2024 | |
| £m | £m | |
| Cost of sales | ||
Agency services | 12.0 | 10.8 |
Inventories | 24.8 | 21.3 |
Other | 2.3 | 1.6 |
39.1 | 33.7 |
| 2025 | 2024 | |
| £m | £m | |
| Finance income | ||
Bank interest income | 13.5 | 14.3 |
Dividend income | – | 0.1 |
Other finance income | 0.5 | 0.5 |
14.0 | 14.9 |
| 2025 | 2024 | |
| £m | £m | |
| Finance costs | ||
Interest expenses on lease liabilities | 1.8 | 1.5 |
Other finance costs | 0.6 | 0.4 |
2.4 | 1.9 |
| 2025 | 2024 | |
| £m | £m | |
| Other finance income – pensions | ||
Net benefit income | 0.8 | 0.6 |
| 2025 | 2024 | |
| £000 | £000 | |
| Auditors’ remuneration | ||
| Fees payable to the Company’s Auditors for the audit of the Company’s and Group’s financial | ||
statements | 457 | 438 |
| Fees payable to the Company’s Auditors and their associates for other services: | ||
The auditing of financial statements of subsidiaries of the Company | 548 | 480 |
Audit-related assurance services | 133 | 121 |
1,138 | 1,039 |
| 2025 | 2024 | |
| £m | £m | |
| Employee compensation and benefits expense | ||
Wages and salaries | 361.1 | 380.7 |
Social security costs | 35.2 | 36.8 |
Share-based payment expense | 2.4 | 2.5 |
Other pension costs | 11.2 | 11.3 |
409.9 | 431.3 |
| 2025 | 2024 | |
| Number of | Number of | |
| employees | employees | |
Broking | 1,504 | 1,402 |
Financial | 127 | 119 |
Support | 457 | 432 |
Research | 167 | 150 |
Revenue | Results | |||
| 2025 | 2024 | 2025 | 2024 | |
| £m | £m | £m | £m | |
Broking | 476.0 | 529.3 | 93.9 | 122.6 |
Financial | 60.1 | 42.6 | 12.9 | 5.2 |
Support | 68.1 | 65.0 | 4.8 | 7.7 |
Research | 27.2 | 24.5 | 10.6 | 9.5 |
Segment revenue/operating profit | 631.4 | 661.4 | 122.2 | 145.0 |
Head office costs | (44.2) | (43.3) | ||
Operating profit before acquisition-related costs | 78.0 | 101.7 | ||
Acquisition-related costs | (3.7) | (3.2) | ||
Operating profit | 74.3 | 98.5 | ||
Finance income | 14.0 | 14.9 | ||
Finance costs | (2.4) | (1.9) | ||
Other finance income – pensions | 0.8 | 0.6 | ||
Profit before taxation | 86.7 | 112.1 | ||
Taxation | (20.1) | (25.8) | ||
Profit for the year | 66.6 | 86.3 |
Assets | Liabilities | |||
| 2025 | 2024 | 2025 | 2024 | |
| £m | £m | £m | £m | |
Broking | 713.7 | 717.9 | 270.4 | 287.7 |
Financial | 146.7 | 65.3 | 90.3 | 20.6 |
Support | 63.6 | 63.9 | 26.0 | 26.9 |
Research | 14.3 | 14.5 | 14.8 | 13.5 |
Segment assets/liabilities | 938.3 | 861.6 | 401.5 | 348.7 |
Unallocated assets/liabilities | 40.2 | 38.7 | 49.2 | 55.9 |
978.5 | 900.3 | 450.7 | 404.6 |
Non-current asset additions* | Depreciation | Amortisation | ||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| £m | £m | £m | £m | £m | £m | |
Broking | 32.1 | 9.9 | 12.9 | 11.4 | 5.1 | 4.6 |
Financial | 6.5 | 0.1 | 1.0 | 1.1 | – | – |
Support | 3.1 | 6.6 | 2.1 | 2.1 | 0.7 | 0.6 |
Research | – | – | 0.2 | 0.4 | – | – |
41.7 | 16.6 | 16.2 | 15.0 | 5.8 | 5.2 |
| Revenue | ||
| 2025 | 2024 | |
| £m | £m | |
Europe, Middle East and Africa* | 469.4 | 484.4 |
Americas | 23.4 | 28.7 |
Asia-Pacific | 138.6 | 148.3 |
631.4 | 661.4 |
| Non-current assets** | ||
| 2025 | 2024 | |
| £m | £m | |
Europe, Middle East and Africa* | 229.9 | 218.8 |
Americas | 11.5 | 4.8 |
Asia-Pacific | 22.1 | 13.4 |
263.5 | 237.0 |
| 2025 | 2024 | |
| £m | £m | |
| Current tax | ||
Tax on profits for the year | 21.0 | 27.5 |
Adjustments in respect of prior years | (1.8) | (2.0) |
19.2 | 25.5 | |
| Deferred tax | ||
Origination and reversal of temporary differences | 0.9 | 0.3 |
Total tax charge in the income statement | 20.1 | 25.8 |
| 2025 | 2024 | ||
| £m | £m | ||
| Current tax | |||
Employee benefits | – other employee benefits | (0.1) | (1.1) |
(0.1) | (1.1) | ||
| Deferred tax | |||
Employee benefits | – on pension benefits | 0.4 | (0.4) |
Employee benefits | – other employee benefits | 0.1 | (2.0) |
Foreign currency contracts | 2.0 | (1.4) | |
2.5 | (3.8) | ||
Total tax charge/(credit) in the statement of changes in equity | 2.4 | (4.9) |
| 2025 | 2024 | |
| £m | £m | |
Profit before taxation | 86.7 | 112.1 |
Profit at UK average standard rate of corporation tax of 25.0% (2024: 25.0%) | 21.7 | 28.0 |
| Effects of: | ||
Expenses not deductible for tax purposes | 2.3 | 2.7 |
Lower tax rates on overseas earnings | (5.1) | (4.9) |
Tax losses not recognised | 0.4 | – |
Adjustments in respect of prior years | (0.8) | (2.0) |
Other adjustments | 1.6 | 2.0 |
Total tax charge in the income statement | 20.1 | 25.8 |
| 2025 | 2024 | ||
| £m | £m | ||
Employee benefits | – on pension benefits | 0.1 | – |
Employee benefits | – on employee benefits | 1.7 | 0.2 |
In relation to earnings of overseas subsidiaries | (0.1) | 0.2 | |
Other temporary differences | (0.8) | (0.1) | |
Deferred tax charge in the income statement | 0.9 | 0.3 |
| 2025 | 2024 | ||
| £m | £m | ||
| Deferred tax assets | |||
Employee benefits | – other employee benefits | 17.4 | 19.5 |
Tax losses | 0.1 | 0.1 | |
Foreign currency contracts | – | 0.7 | |
Tangible assets | 4.5 | 1.4 | |
Other temporary differences | 0.4 | 0.8 | |
Deferred tax assets before offset | 22.4 | 22.5 | |
Offset against deferred tax liabilities | (5.5) | (4.4) | |
Deferred tax assets in the balance sheet | 16.9 | 18.1 | |
| Deferred tax liabilities | |||
Employee benefits | – on pension benefits | (3.6) | (3.1) |
In relation to earnings of overseas subsidiaries | (3.2) | (3.4) | |
Foreign currency contracts | (1.3) | – | |
Intangible assets | (2.1) | (2.5) | |
Tangible assets | (5.3) | (2.5) | |
Other temporary differences | (0.6) | (0.8) | |
Deferred tax liabilities before offset | (16.1) | (12.3) | |
Offset against deferred tax assets | 5.5 | 4.4 | |
Deferred tax liabilities in the balance sheet | (10.6) | (7.9) | |
2025 | 2024 | |||
| Underlying | Reported | Underlying | Reported | |
| £m | £m | £m | £m | |
| Profit for the year attributable to equity holders | ||||
of the Parent Company | 69.4 | 65.7 | 87.9 | 84.9 |
2025 | 2024 | |||
| Underlying | Reported | Underlying | Reported | |
| Million | Million | Million | Million | |
Weighted average number of ordinary shares – basic | 30.7 | 30.7 | 30.7 | 30.7 |
Dilutive effect of share options | 0.2 | 0.2 | 0.2 | 0.2 |
Weighted average number of ordinary shares – diluted | 30.9 | 30.9 | 30.9 | 30.9 |
2025 | 2024 | |||
| Underlying | Reported | Underlying | Reported | |
| Pence | Pence | Pence | Pence | |
Basic earnings per share | 225.8 | 214.0 | 286.9 | 277.1 |
Diluted earnings per share | 224.6 | 212.9 | 284.9 | 275.2 |
| 2025 | 2024 | |
| £m | £m | |
| Declared and paid during the year: | ||
Final dividend for 2024 of | 23.1 | 21.8 |
Interim dividend for 2025 of | 9.9 | 9.7 |
Dividends paid | 33.0 | 31.5 |
| Proposed for approval at the AGM (not recognised as a liability at 31 December): | ||
Final dividend for 2025 proposed of 79p per share (2024: 77p per share) | 24.4 | 23.6 |
| Freehold | |||||
| and long | Office | ||||
| leasehold | Leasehold | furniture and | Motor | ||
| properties | improvements | equipment | vehicles | Total | |
| £m | £m | £m | £m | £m | |
| Original cost | |||||
At 1 January 2025 | 10.9 | 22.0 | 31.5 | 1.0 | 65.4 |
Additions | 0.1 | 2.4 | 2.8 | 0.2 | 5.5 |
Disposals | (0.9) | (0.7) | (3.5) | (0.1) | (5.2) |
Foreign exchange differences | (0.1) | 0.1 | (0.2) | – | (0.2) |
At 31 December 2025 | 10.0 | 23.8 | 30.6 | 1.1 | 65.5 |
| Accumulated depreciation | |||||
At 1 January 2025 | 1.9 | 12.4 | 22.1 | 0.5 | 36.9 |
Charged during the year | 0.2 | 1.6 | 3.4 | 0.2 | 5.4 |
Disposals | (0.2) | (0.6) | (3.1) | (0.1) | (4.0) |
Foreign exchange differences | – | (0.1) | 0.3 | – | 0.2 |
At 31 December 2025 | 1.9 | 13.3 | 22.7 | 0.6 | 38.5 |
Net book value at | 8.1 | 10.5 | 7.9 | 0.5 | 27.0 |
| Freehold | |||||
| and long | Office | ||||
| leasehold | Leasehold | furniture and | Motor | ||
| properties | improvements | equipment | vehicles | Total | |
| £m | £m | £m | £m | £m | |
| Original cost | |||||
At 1 January 2024 | 11.3 | 21.7 | 31.4 | 0.9 | 65.3 |
Additions | 0.1 | 1.5 | 3.8 | 0.3 | 5.7 |
Arising on acquisitions | – | – | 0.3 | – | 0.3 |
Disposals | (0.3) | (1.1) | (3.4) | (0.2) | (5.0) |
Foreign exchange differences | (0.2) | (0.1) | (0.6) | – | (0.9) |
At 31 December 2024 | 10.9 | 22.0 | 31.5 | 1.0 | 65.4 |
| Accumulated depreciation | |||||
At 1 January 2024 | 1.9 | 12.1 | 22.3 | 0.5 | 36.8 |
Charged during the year | 0.3 | 1.5 | 3.4 | 0.2 | 5.4 |
Disposals | (0.2) | (1.1) | (3.3) | (0.2) | (4.8) |
Foreign exchange differences | (0.1) | (0.1) | (0.3) | – | (0.5) |
At 31 December 2024 | 1.9 | 12.4 | 22.1 | 0.5 | 36.9 |
Net book value at 31 December 2024 | 9.0 | 9.6 | 9.4 | 0.5 | 28.5 |
| Contents | Financial Statements mationStrategic Report Corporate Governance | Other Infor |
| 2025 | ||||
| Other | ||||
| Development | intangible | |||
| Goodwill | costs | assets | Total | |
| £m | £m | £m | £m | |
| Cost | ||||
At 1 January 2025 | 260.1 | 26.8 | 33.4 | 320.3 |
Additions | – | 1.8 | 0.1 | 1.9 |
Arising on acquisitions | 2.0 | – | 2.4 | 4.4 |
Foreign exchange differences | 8.1 | – | 1.7 | 9.8 |
At 31 December 2025 | 270.2 | 28.6 | 37.6 | 336.4 |
| Accumulated amortisation and impairment | ||||
At 1 January 2025 | 104.0 | 14.9 | 28.8 | 147.7 |
Charged during the year | – | 4.8 | 1.0 | 5.8 |
Foreign exchange differences | 3.8 | – | 1.7 | 5.5 |
At 31 December 2025 | 107.8 | 19.7 | 31.5 | 159.0 |
Net book value at 31 December 2025 | 162.4 | 8.9 | 6.1 | 177.4 |
| Other | ||||
| Development | intangible | |||
| Goodwill | costs | assets | Total | |
| £m | £m | £m | £m | |
| Cost | ||||
At 1 January 2024 | 276.7 | 25.3 | 33.9 | 335.9 |
Additions | – | 1.5 | 0.1 | 1.6 |
Arising on acquisitions | 0.3 | – | 2.0 | 2.3 |
Other (reclassification) | (0.1) | – | 0.1 | – |
Foreign exchange differences | (16.8) | – | (2.7) | (19.5) |
At 31 December 2024 | 260.1 | 26.8 | 33.4 | 320.3 |
| Accumulated amortisation and impairment | ||||
At 1 January 2024 | 112.2 | 10.4 | 30.4 | 153.0 |
Charged during the year | – | 4.5 | 0.7 | 5.2 |
Foreign exchange differences | (8.2) | – | (2.3) | (10.5) |
At 31 December 2024 | 104.0 | 14.9 | 28.8 | 147.7 |
Net book value at 31 December 2024 | 156.1 | 11.9 | 4.6 | 172.6 |
| 2025 | 2024 | |
| £m | £m | |
| Cost | ||
At 1 January and 31 December | 2.1 | 2.1 |
| Accumulated depreciation | ||
At 1 January | 1.1 | 1.1 |
Charged during the year* | 0.1 | – |
At 31 December | 1.2 | 1.1 |
Net book value at 31 December | 0.9 | 1.0 |
2025 | 2024 | |||||
| Leasehold | Motor | Leasehold | Motor | |||
| properties | vehicles | Total | properties | vehicles | Total | |
| £m | £m | £m | £m | £m | £m | |
| Cost | ||||||
As at 1 January | 75.1 | 2.1 | 77.2 | 73.1 | 1.6 | 74.7 |
Additions | 28.8 | 1.0 | 29.8 | 6.2 | 0.5 | 6.7 |
Arising on acquisitions | 0.1 | – | 0.1 | – | – | – |
Disposals | (3.6) | (0.7) | (4.3) | (2.0) | – | (2.0) |
Foreign exchange differences | (0.4) | – | (0.4) | (2.2) | – | (2.2) |
At 31 December | 100.0 | 2.4 | 102.4 | 75.1 | 2.1 | 77.2 |
| Accumulated depreciation | ||||||
As at 1 January | 44.1 | 1.1 | 45.2 | 38.3 | 0.5 | 38.8 |
Charged during the year | 10.0 | 0.7 | 10.7 | 9.1 | 0.5 | 9.6 |
Disposals | (3.6) | (0.7) | (4.3) | (2.0) | – | (2.0) |
Foreign exchange differences | (0.2) | – | (0.2) | (1.3) | 0.1 | (1.2) |
At 31 December | 50.3 | 1.1 | 51.4 | 44.1 | 1.1 | 45.2 |
Net book value at 31 December | 49.7 | 1.3 | 51.0 | 31.0 | 1.0 | 32.0 |
| 2025 | 2024 | |
| £m | £m | |
Dry cargo chartering | 16.7 | 16.0 |
Container chartering | 2.1 | 2.0 |
Tankers chartering | 10.8 | 9.9 |
Specialised products chartering | 13.3 | 13.0 |
Gas chartering | 3.0 | 2.8 |
Sale and purchase broking | 40.9 | 38.8 |
Offshore broking | 45.4 | 44.6 |
Securities | 12.4 | 11.8 |
Project finance | 11.1 | 10.5 |
Port and agency services | 3.4 | 3.4 |
Research services | 3.3 | 3.3 |
162.4 | 156.1 |
| Clarksons | |
| EAST LLC | |
| £m | |
Intangible assets | 2.4 |
Right-of-use assets | 0.1 |
Trade and other receivables | 0.2 |
Cash and cash equivalents | 0.1 |
Total assets | 2.8 |
Lease liability (current) | (0.1) |
Total liabilities | (0.1) |
Net identifiable assets acquired | 2.7 |
Goodwill | 2.0 |
Total consideration payable in cash | 4.7 |
| 2025 | |
| £m | |
| Outflow of cash to acquire subsidiaries, net of cash acquired | |
Clarksons EAST LLC cash consideration | 2.4 |
Less: Cash acquired | (0.1) |
Net outflow of cash – investing activities | 2.3 |
| 2025 | 2024 | |
| £m | £m | |
US dollar | 139.3 | 83.8 |
Sterling | 24.1 | 17.2 |
Norwegian krone | 3.4 | 2.4 |
Other currencies | 3.8 | 7.2 |
170.6 | 110.6 |
| 2025 | 2024 | |
| £m | £m | |
| Non-current | ||
Financial assets at fair value through profit or loss | 2.0 | 1.9 |
2.0 | 1.9 | |
| Current | ||
Cash on deposit | 64.8 | 62.0 |
Government bonds | 5.3 | – |
Financial assets at fair value through profit or loss | 0.3 | 0.2 |
70.4 | 62.2 |
| 2025 | 2024 | |
| £m | £m | |
Investments in associates and joint ventures | 1.9 | – |
| 2025 | 2024 | |
| £m | £m | |
Finished goods | 4.5 | 4.3 |
| 2025 | 2024 | |
| £m | £m | |
Cash at bank and in hand | 218.6 | 234.5 |
Short-term deposits | 182.5 | 196.8 |
401.1 | 431.3 |
| 2025 | 2024 | |
| £m | £m | |
| Non-current | ||
Other receivables | 0.8 | 1.0 |
Foreign currency contracts | 2.5 | – |
3.3 | 1.0 | |
2025 | 2024 | |||||
| Gross | Gross | |||||
| Expected loss | carrying | Loss | Expected loss | carrying | Loss | |
| rate | amount | allowance | rate | amount | allowance | |
| % | £m | £m | % | £m | £m | |
Short-term transaction settlements (see above) | – | 60.9 | – | – | 2.1 | – |
0 to 3 months | 4.4 | 97.5 | 4.3 | 3.9 | 96.9 | 3.8 |
3 to 12 months | 25.3 | 22.1 | 5.6 | 26.7 | 21.0 | 5.6 |
Over 12 months | 100.0 | 13.4 | 13.4 | 100.0 | 12.6 | 12.6 |
193.9 | 23.3 | 132.6 | 22.0 |
| 2025 | 2024 | |
| £m | £m | |
At 1 January | 22.0 | 21.9 |
Release of loss allowance | (10.4) | (13.8) |
Receivables written off during the year as uncollectible | (2.2) | (0.8) |
Increase in loss allowance | 15.5 | 14.4 |
Foreign exchange differences | (1.6) | 0.3 |
At 31 December | 23.3 | 22.0 |
| 2025 | 2024 | |
| £m | £m | |
| Current | ||
At 1 January | 1.0 | 0.6 |
Arising during the year | – | 0.6 |
Utilised during the year | (0.2) | – |
Foreign exchange differences | – | (0.2) |
At 31 December | 0.8 | 1.0 |
| Non-current | ||
At 1 January | 3.6 | 1.9 |
Arising during the year | 0.4 | 1.7 |
Utilised during the year | (0.2) | – |
Foreign exchange differences | (0.2) | – |
At 31 December | 3.6 | 3.6 |
| 2025 | 2024 | |
| £m | £m | |
Expense arising from equity-settled share-based payment transactions | 2.4 | 2.5 |
| Weighted | |||||||
| average | |||||||
| Outstanding | Outstanding at | Exercisable at | contractual | ||||
| at 1 January | Granted | Lapsed | Exercised | 31 December | 31 December | life | |
| 2025 | in year | in year | in year 2025 | 2025 | Years | ||
Long-term incentive awards | 115,989 | 42,055 | (5,004) | (33,544) | 119,496 | – | 8.29 |
ShareSave scheme | 410,665 | 165,152 | (31,650) | (135,170) | 408,997 | 41,524 | 2.15 |
526,654 | 207,207 | (36,654) | (168,714) | 528,493 | 41,524 | ||
| 2025 | 2024 | |
| £m | £m | |
| Current | ||
Trade payables | 79.0 | 18.8 |
Other payables | 5.4 | 7.4 |
Other tax and social security | 7.5 | 5.1 |
Deferred consideration | 0.4 | – |
Foreign currency contracts | – | 1.8 |
Bonus accruals | 211.1 | 249.6 |
Other accruals | 36.1 | 31.2 |
Contract liabilities | 14.5 | 12.5 |
354.0 | 326.4 | |
| Non-current | ||
Other payables | 3.3 | 4.7 |
Deferred consideration | 2.7 | – |
Foreign currency contracts | – | 2.1 |
Contract liabilities | 0.3 | – |
6.3 | 6.8 |
| 2025 | 2024 | |
| £m | £m | |
| Current | ||
Lease liabilities | 9.9 | 10.6 |
| Non-current | ||
Lease liabilities | 46.1 | 27.5 |
| Outstanding | Outstanding at | Exercisable at | ||||
| at 1 January | Granted | Lapsed | Exercised | 31 December | 31 December | |
| 2025 | in year | in year | in year 2025 | 2025 | ||
| £ | £ | £ | £ | £ | £ | |
Long-term incentive awards | – | – | – | – | – | – |
ShareSave scheme | 23.73 | 28.30 | 24.92 | 22.92 | 25.75 | 22.51 |
18.50 | 22.55 | 21.52 | 18.36 | 19.93 | 22.51 |
| Weighted | |||||||
| average | |||||||
| Outstanding | Outstanding at | Exercisable at | contractual | ||||
| at 1 January | Granted | Lapsed | Exercised | 31 December | 31 December | life | |
| 2024 | in year | in year | in year 2024 | 2024 | Years | ||
Long-term incentive awards | 185,157 | 33,539 | – | (102,707) | 115,989 | – | 8.26 |
ShareSave scheme | 425,129 | 72,268 | (33,537) | (53,195) | 410,665 | 7,029 | 1.99 |
610,286 | 105,807 | (33,537) | (155,902) | 526,654 | 7,029 | ||
| Outstanding | Outstanding at | Exercisable at | ||||
| at 1 January | Granted | Lapsed | Exercised | 31 December | 31 December | |
| 2024 | in year | in year | in year 2024 | 2024 | ||
| £ | £ | £ | £ | £ | £ | |
Long-term incentive awards | – | – | – | – | – | – |
ShareSave scheme | 22.39 | 30.55 | 23.16 | 22.64 | 23.73 | 31.44 |
15.59 | 20.87 | 23.16 | 7.72 | 18.50 | 31.44 |
| Long-term | ||||
incentive awards | ShareSave | |||
2025 | 2024 | 2025 | 2024 | |
Share price at date of grant (£) | 32.85 | 40.35 | 35.95–36.55 | 36.35–36.90 |
Exercise price (£) | – | – | 28.23–30.82 | 30.59–31.17 |
Expected term (years) | 3.00 | 3.00 | 2.0–3.3 | 2.0–3.3 |
Risk-free interest rate (%) | 4.02 | 4.42 | 3.8–4.1 | 3.8–3.9 |
Expected dividend yield (%) | – | – | 3.0–3.1 | 2.8–2.9 |
Expected volatility (%) | 32.19 | 29.35 | 32.0–32.1 | 27.5–29.9 |
| 2025 | 2024 | |||
| % | £m | % | £m | |
Equities* | – | – | 1.3 | 1.6 |
Government bonds* | – | – | 3.1 | 3.7 |
Corporate bonds* | 55.7 | 65.3 | 51.7 | 61.7 |
Investment funds* | 29.5 | 34.6 | 30.0 | 35.8 |
Cash and other assets | 14.8 | 17.3 | 13.9 | 16.6 |
100.0 | 117.2 | 100.0 | 119.4 |
| Present value | Fair value of | Impact of | |||
| of obligation | plan assets | Total | asset ceiling | Total | |
| £m | £m | £m | £m | £m | |
At 1 January 2025 | (105.3) | 119.4 | 14.1 | (1.8) | 12.3 |
Expected return on assets | – | 6.4 | 6.4 | – | 6.4 |
Interest costs | (5.6) | – | (5.6) | – | (5.6) |
Employer contributions | – | 0.4 | 0.4 | – | 0.4 |
Administrative expenses | – | (0.9) | (0.9) | – | (0.9) |
Benefits paid | 7.2 | (7.2) | – | – | – |
Actuarial gain/(loss) | 0.9 | (0.9) | – | 1.8 | 1.8 |
At 31 December 2025 | (102.8) | 117.2 | 14.4 | – | 14.4 |
| Present value | Fair value of | Impact of | |||
| of obligation | plan assets | Total | asset ceiling | Total | |
| £m | £m | £m | £m | £m | |
At 1 January 2024 | (115.5) | 131.3 | 15.8 | (2.4) | 13.4 |
Expected return on assets | – | 6.1 | 6.1 | – | 6.1 |
Interest costs | (5.4) | – | (5.4) | (0.1) | (5.5) |
Employer contributions | – | 0.4 | 0.4 | – | 0.4 |
Administrative expenses | – | (0.8) | (0.8) | – | (0.8) |
Benefits paid | 7.3 | (7.3) | – | – | – |
Actuarial gain/(loss) | 8.3 | (10.3) | (2.0) | 0.7 | (1.3) |
At 31 December 2024 | (105.3) | 119.4 | 14.1 | (1.8) | 12.3 |
| 2025 | 2024 | |
| % | % | |
Rate of increase in pensions in payment | 3.0 | 3.2 |
Price inflation (RPI) | 3.0 | 3.2/3.3 |
Price inflation (CPI) | 2.8 | 2.9 |
Discount rate for schemes’ liabilities | 5.6 | 5.6 |
| 2025 | 2024 | |
| £m | £m | |
Fair value of schemes’ assets | 117.2 | 119.4 |
Present value of funded defined benefit obligations | (102.8) | (105.3) |
14.4 | 14.1 | |
Effect of asset ceiling in relation to the Plowrights scheme | – | (1.8) |
Net benefit asset recognised in the balance sheet | 14.4 | 12.3 |
| 2025 | 2024 | |
| £m | £m | |
| Recognised in other finance income – pensions: | ||
Expected return on schemes’ assets | 6.4 | 6.1 |
Interest cost on benefit obligation and asset ceiling | (5.6) | (5.5) |
| Recognised in administrative expenses: | ||
Schemes’ administrative expenses | (0.9) | (0.8) |
Net benefit charge recognised in the income statement | (0.1) | (0.2) |
| 2025 | 2024 | |
| £m | £m | |
Actual return on schemes’ assets | 5.5 | (4.2) |
Less: expected return on schemes’ assets | (6.4) | (6.1) |
Actuarial loss on schemes’ assets | (0.9) | (10.3) |
Actuarial gain on defined benefit obligations | 0.9 | 8.3 |
Actuarial loss recognised in the statement of comprehensive income | – | (2.0) |
Tax credit on actuarial loss | – | 0.6 |
Gain on asset ceiling | 1.8 | 0.7 |
Tax charge on gain on asset ceiling | (0.4) | (0.2) |
Net actuarial gain/(loss) on employee benefit obligations | 1.4 | (0.9) |
| Number of | 2025 | Number of | 2024 | |
| shares | £m | shares | £m | |
At 1 January | 30,778,235 | 7.7 | 30,725,498 | 7.7 |
Additions | 134,817 | – | 52,737 | – |
At 31 December | 30,913,052 | 7.7 | 30,778,235 | 7.7 |
| Employee | Capital | Currency | ||||||
| Share | ESOP | benefits | redemption | Hedging | Merger | translation | ||
| premium | reserve | reserve | reserve | reserve | reserve | reserve | Total | |
| £m | £m | £m | £m | £m | £m | £m | £m | |
At 1 January 2025 | 39.6 | (2.8) | 3.8 | 2.0 | (2.1) | 55.7 | (7.2) | 89.0 |
| Other comprehensive income/ | ||||||||
| (loss): | ||||||||
| Foreign exchange differences | ||||||||
| on retranslation of foreign | ||||||||
operations | – | – | – | – | – | – | (1.7) | (1.7) |
| Foreign currency hedges | ||||||||
| recycled to profit or loss – | ||||||||
net of tax | – | – | – | – | (4.1) | – | – | (4.1) |
| Foreign currency hedge | ||||||||
revaluations – net of tax | – | – | – | – | 10.3 | – | – | 10.3 |
Total other comprehensive income/(loss) | – | – | – | – | 6.2 | – | (1.7) | 4.5 |
Share issues | 3.0 | – | – | – | – | – | – | 3.0 |
| Employee share schemes: | ||||||||
| Share-based payments | ||||||||
expense | – | – | 2.4 | – | – | – | – | 2.4 |
| Transfer to profit and loss | ||||||||
on vesting | – | 1.1 | (2.1) | – | – | – | – | (1.0) |
ESOP shares acquired | – | (33.4) | – | – | – | – | – | (33.4) |
Other movements | – | (3.8) | – | – | – | – | – | (3.8) |
Equity-settled liabilities | – | 31.1 | – | – | – | – | – | 31.1 |
Total employee share schemes | – | (5.0) | 0.3 | – | – | – | – | (4.7) |
At 31 December 2025 | 42.6 | (7.8) | 4.1 | 2.0 | 4.1 | 55.7 | (8.9) | 91.8 |
| Additional years | |||
2025 | 2024 | ||
| Post-retirement life expectancy on retirement at age 65: | |||
Employees retiring in the year | – male | 22.5–23.3 | 22.2–22.7 |
– female | 23.9–24.8 | 23.9–24.7 | |
Employees retiring in 20 years’ time | – male | 23.8–24.6 | 23.5–24.0 |
– female | 25.3–26.2 | 25.3–26.1 |
| 2025 | 2024 | |
| £m | £m | |
Experience loss on schemes’ assets | (0.9) | (10.3) |
(Loss)/gain on schemes’ liabilities due to changes in demographic assumptions | (1.0) | 0.3 |
Gain on schemes’ liabilities due to changes in financial assumptions | 1.6 | 8.6 |
Gain/(loss) on schemes’ liabilities due to experience adjustments | 0.3 | (0.6) |
Gain on asset ceiling | 1.8 | 0.7 |
Actuarial gain/(loss) | 1.8 | (1.3) |
Income tax (charge)/credit on actuarial gain/loss | (0.4) | 0.4 |
Actuarial gain/(loss) – net of tax | 1.4 | (0.9) |
| 2025 | 2024 | |||
| Change in | Change in | |||
| defined | defined | |||
| Change in | benefit | Change in | benefit | |
| assumption | obligation | assumption | obligation | |
| % | % | % | % | |
Discount rate for scheme liabilities | 0.50 | (5.1) | 0.50 | (5.3) |
(0.50) | 5.6 | (0.50) | 5.8 | |
Price inflation (RPI) | 0.25 | 2.0 | 0.25 | 2.3 |
(0.25) | (2.0) | (0.25) | (2.2) |
| Employee | Capital | Currency | ||||||
| Share | ESOP | benefits | redemption | Hedging | Merger | translation | ||
| premium | reserve | reserve | reserve | reserve | reserve | reserve | Total | |
| £m | £m | £m | £m | £m | £m | £m | £m | |
At 1 January 2024 | 38.4 | (2.8) | 4.1 | 2.0 | 2.7 | 55.7 | 4.8 | 104.9 |
| Other comprehensive loss: | ||||||||
| Foreign exchange differences | ||||||||
| on retranslation of foreign | ||||||||
operations | – | – | – | – | – | – | (12.0) | (12.0) |
| Foreign currency hedges | ||||||||
| recycled to profit or loss – | ||||||||
net of tax | – | – | – | – | 0.1 | – | – | 0.1 |
| Foreign currency hedge | ||||||||
revaluations – net of tax | – | – | – | – | (4.9) | – | – | (4.9) |
Total other comprehensive loss | – | – | – | – | (4.8) | – | (12.0) | (16.8) |
Share issues | 1.2 | – | – | – | – | – | – | 1.2 |
| Employee share schemes: | ||||||||
| Share-based payments | ||||||||
expense | – | – | 2.5 | – | – | – | – | 2.5 |
| Transfer to profit and loss | ||||||||
on vesting | – | 3.9 | (2.8) | – | – | – | – | 1.1 |
ESOP shares acquired | – | (26.4) | – | – | – | – | – | (26.4) |
Equity-settled liabilities | – | 22.5 | – | – | – | – | – | 22.5 |
Total employee share schemes | – | – | (0.3) | – | – | – | – | (0.3) |
At 31 December 2024 | 39.6 | (2.8) | 3.8 | 2.0 | (2.1) | 55.7 | (7.2) | 89.0 |
| Strengthening/ | Effect on | ||
| (weakening) | profit before | Effect on | |
| in rate | taxation | equity | |
| % | £m | £m | |
2025 | 5.0 | 5.6 | 5.4 |
(5.0) | (5.1) | (4.9) | |
2024 | 5.0 | 2.3 | (5.1) |
(5.0) | (2.1) | 4.6 |
Assets | Liabilities | |||
| 2025 | 2024 | 2025 | 2024 | |
| £m | £m | £m | £m | |
Foreign currency contracts | 5.5 | 1.1 | – | 3.9 |
2025 | 2024 | |||
| Average rate | Average rate | |||
| US$m | US$/£ | US$m | US$/£ | |
For settlement in 2025 | – | – | 99.0 | 1.25 |
For settlement in 2026 | 65.0 | 1.29 | 60.0 | 1.28 |
For settlement in 2027 | 55.0 | 1.27 | 30.0 | 1.29 |
2025 | 2024 | |||
| Average rate | Average rate | |||
| US$m | NOK/US$ | US$m | NOK/US$ | |
For settlement in 2025 | – | – | 20.7 | 10.77 |
For settlement in 2026 | 20.7 | 10.60 | 10.0 | 10.97 |
For settlement in 2027 | 10.0 | 10.60 | 5.0 | 10.90 |
For settlement in 2028 | 5.0 | 10.33 | – | – |
| Less than | 3 to 12 | 1 to 5 | 5 to 10 | Over | ||
| 3 months | months | years | years | 10 years | Total | |
| £m | £m | £m | £m | £m | £m | |
Trade and other payables | 84.4 | – | 3.3 | – | – | 87.7 |
Deferred consideration | 0.4 | – | 2.7 | – | – | 3.1 |
Lease liabilities | 3.2 | 9.1 | 37.6 | 16.0 | 2.8 | 68.7 |
88.0 | 9.1 | 43.6 | 16.0 | 2.8 | 159.5 |
| Less than | 3 to 12 | 1 to 5 | 5 to 10 | Over | ||
| 3 months | months | years | years | 10 years | Total | |
| £m | £m | £m | £m | £m | £m | |
Trade and other payables | 26.2 | – | 4.7 | – | – | 30.9 |
| Gross settled foreign currency contracts: | ||||||
Outflow | 11.5 | 44.1 | 83.7 | – | – | 139.3 |
Inflow | (11.2) | (42.6) | (81.6) | – | – | (135.4) |
Lease liabilities | 3.1 | 9.1 | 27.5 | 3.9 | – | 43.6 |
29.6 | 10.6 | 34.3 | 3.9 | – | 78.4 |
| 2025 | 2024 | |||
| Lease | Lease | |||
| liabilities | Total | liabilities | Total | |
| £m | £m | £m | £m | |
At 1 January | 38.1 | 38.1 | 43.2 | 43.2 |
Arising on acquisitions | 0.1 | 0.1 | – | – |
Cash flows – principal | (11.2) | (11.2) | (10.9) | (10.9) |
Cash flows – interest | (1.8) | (1.8) | (1.5) | (1.5) |
Interest charges | 1.8 | 1.8 | 1.5 | 1.5 |
Other non-cash movements | 28.9 | 28.9 | 6.9 | 6.9 |
Foreign exchange differences | 0.1 | 0.1 | (1.1) | (1.1) |
At 31 December | 56.0 | 56.0 | 38.1 | 38.1 |
2025 | 2024 | |||||
| Hedging | Amortised | Hedging | Amortised | |||
| instruments | cost | Total | instruments | cost | Total | |
| £m | £m | £m | £m | £m | £m | |
Trade payables | – | 79.0 | 79.0 | – | 18.8 | 18.8 |
Other payables | – | 8.7 | 8.7 | – | 12.1 | 12.1 |
Foreign currency contracts | – | – | – | 3.9 | – | 3.9 |
Deferred consideration | – | 3.1 | 3.1 | – | – | – |
Lease liabilities | – | 56.0 | 56.0 | – | 38.1 | 38.1 |
– | 146.8 | 146.8 | 3.9 | 69.0 | 72.9 |
| 2025 | 2024 | |
| £m | £m | |
Short-term employee benefits | 11.3 | 15.5 |
Post-employment benefits | 0.1 | 0.1 |
Share-based payments | 0.1 | 1.1 |
11.5 | 16.7 |
Level 1 | Level 2 | Level 3 | ||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| £m | £m | £m | £m | £m | £m | |
| Assets | ||||||
Investments at fair value through profit or loss (‘FVPL’) | 0.3 | 0.3 | 2.0 | 1.8 | – | – |
Foreign currency contracts | – | – | 5.5 | 1.1 | – | – |
0.3 | 0.3 | 7.5 | 2.9 | – | – | |
| Liabilities | ||||||
Foreign currency contracts | – | – | – | 3.9 | – | – |
– | – | – | 3.9 | – | – |
2025 | 2024 | |||||||
| Fair value | ||||||||
| through | Fair value | |||||||
| Hedging | profit or | Amortised | Hedging | through | Amortised | |||
| instruments | loss | cost | Total | instruments | profit or loss | cost | Total | |
| £m | £m | £m | £m | £m | £m | £m | £m | |
Other receivables | – | – | 9.3 | 9.3 | – | – | 8.0 | 8.0 |
Investments | – | 2.3 | 70.1 | 72.4 | – | 2.1 | 62.0 | 64.1 |
Trade receivables | – | – | 170.6 | 170.6 | – | – | 110.6 | 110.6 |
Foreign currency contracts | 5.5 | – | – | 5.5 | 1.1 | – | – | 1.1 |
Cash and cash equivalents | – | – | 401.1 | 401.1 | – | – | 431.3 | 431.3 |
5.5 | 2.3 | 651.1 | 658.9 | 1.1 | 2.1 | 611.9 | 615.1 |